APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

New Ruipeng Pet Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/new-ruipeng-pet-group-inc" target="_blank" data-smartkarma-citation="entities:36735:1" rel="noopener">New Ruipeng Pet Group (RPET US)</a> is looking to raise at least US$100m in its upcoming US IPO. </li>
<li>New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO. 
New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets.
In this note, we will talk about the positive aspects of the deal.


New Ruipeng Pet Group Pre-IPO - The Positives - Compelling Growth Story Reflected in Sales Growth

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. </li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas</a>, <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast</a> and plans to list in the US, <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, and <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage</a> </li>
<li>There were also macro insights on Malaysian politics and the risks with Vietnam's economy plus an index rebalancing in the Philippines with <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings</a> to potentially benefit.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. 
The past week saw insights on Bank Central Asia, Aneka Gas, VinFast and plans to list in the US, I-Tail (ITC TB), and Jardine Cycle &amp; Carriage 
There were also macro insights on Malaysian politics and the risks with Vietnam's economy plus an index rebalancing in the Philippines with DMCI Holdings to potentially benefit.


The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a> pre-markets a US$1bn IPO, <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> and <a href="https://www.smartkarma.com/entities/sunshine-insurance-group-company-limited" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (6963 HK)</a> have tepid debuts, <a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a> launches a US$141m IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/xingda-international-holdings" target="_blank" data-smartkarma-citation="entities:17836:1" rel="noopener">Xingda International (1899 HK)</a>, <a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - VinFast (1905332D VN) pre-markets a US$1bn IPO, I-Tail (ITC TB) and Sunshine Insurance (6963 HK) have tepid debuts, Weilong Delicious Global (WDG HK) launches a US$141m IPO.
Event-Driven developments - Bigtincan Holdings Ltd (BTH AU), Nitro Software Ltd (NTO AU), Warrego Energy (WGO AU), Xingda International (1899 HK), Chip Eng Seng Corp (CHIP SP).


Weekly Deals Digest (11 Dec) - Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> priced its IPO at THB32 per share, the top-end of the price range, to raise gross proceeds of THB21,120m (US$608m). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO  <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:83629" rel="noopener">I-Tail Corporation IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-a-strong-3q-results-update" target="_blank" data-smartkarma-citation="insights:84125" rel="noopener">I-Tail Corporation IPO: A Strong 3Q Results Update</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:84288" rel="noopener">I-Tail Corporation IPO: Valuation Insights</a>. </li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



I-Tail (ITC TB) priced its IPO at THB32 per share, the top-end of the price range, to raise gross proceeds of THB21,120m (US$608m). The shares will start trading tomorrow.
We previously discussed the IPO  I-Tail Corporation IPO: The Bull Case, I-Tail Corporation IPO: The Bear Case, I-Tail Corporation IPO: A Strong 3Q Results Update, I-Tail Corporation IPO: Valuation Insights. 
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>.</li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics</li>
</ul>


I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics


I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

Thailand

i-Tail Corporation Public Company Limited manufactures and exports pet food products. The Company offers sea food, meat chunks, and loaf products for pets. i-Tail serves customers worldwide.

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I-TAIL (ITC TB)

New Ruipeng Pet Group Pre-IPO - The Positives - Compelling Growth Story Reflected in Sales Growth

New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO. Ruipeng is a pet services platform, primarily offering...

Clarence Chu

The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Weekly Deals Digest (11 Dec) - Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong

Last week, notable developments occurred in Event-Driven (Toshiba, Bigtincan, Genex, Nitro, Warrego, Xingda, Singapore Medical) and ECM (VinFast,...

Arun George

I-Tail Corporation IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

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